A dealer in securities has the following for the year 2018: Sales, shares held for sale in the ordinary course of trade or business P5,000,000 Sales, shares held as capital asset 1,500,000 Cost of shares, held for sale in the ordinary course of trade or business 2,000,000 Cost of shares, held as capital asset 500,000 Supplies expense, net of VAT 100,000 Rent expense, net of VAT 200,000 How much is the net VAT payable?

A dealer in securities has the following for the year 2018: Sales, shares held for sale in the ordinary course of trade or business P5,000,000 Sales, shares held as capital asset 1,500,000 Cost of shares, held for sale in the ordinary course of trade or business 2,000,000 Cost of shares, held as capital asset 500,000 Supplies expense, net of VAT 100,000 Rent expense, net of VAT 200,000 How much is the net VAT payable?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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22 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The Vat payable shall be:
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10 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The OUTPUT VAT shall be: